The following balances are from the accounts of Tappan Parts: January 1 December 31 (Beginning) (Ending) Direct materials inventory $ 22,400 $ 24,800 Work-in-process inventory 32,400 5,600 29,500 7,000 Finished goods inventory Direct materials used during the year amount to $45,600 and the cost of goods sold for the year was $53,500. Required: Prepare a cost of goods sold statement. Answer is not complete. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory 32,400 Manufacturing costs Direct materials: Beginning inventory Purchases Material th 30 $ 22,400 48,000